Possible Bearish Inside Day Candle Pattern Detected for East West Bncrp (NASDAQ:EWBC)

Written on Thu, 09/12/2019 - 11:06am

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in East West Bncrp (NASDAQ:EWBC) based on the price action in the company's shares. Today's price range of $45.08 and $45.55 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of East West Bncrp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, East West Bncrp has traded in a range of $37.69 to $73.98 and is now at $45.55, 21% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.5%.

There is potential upside of 68.2% for shares of East West Bncrp based on a current price of $45.55 and an average consensus analyst price target of $76.64. The stock should hit resistance at its 200-day moving average (MA) of $47.75, as well as support at its 50-day MA of $43.61.

East West Bancorp, Inc. is the holding company for East-West Bank. The Bank is a commercial bank specializing in commercial, construction, and real estate lending, as well as financing international trade. East-West operates throughout Los Angeles, Orange, San Francisco, and Santa Clara counties.

SmarTrend is monitoring the recent change of momentum in East West Bncrp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of East West Bncrp in search of a potential trend change.